When you come to a purchase of a first home, there are many things you need to be aware of. Tax implication, in fact, can be important if you do not declare that you are a first-time home buyer.
Fiscal benefits, in case you are purchasing a property, are applied on the following entries:
Registration tax (Imposta di registro). The registration tax is paid every time you need to register your deed. The deed will be registered in a public registry and anyone can modify date and content.
The Revenue Office holds the registries and this tax has to be paid whenever a good is transferred upon payment of a price.
Legal transcription fee (Imposta ipotecaria). The transcription fee is due whenever you transfer a property or when you register a right or a charge on a property. Every deed in which you sale, donate, you establish a right on a property, etc. requires the payment of this tax. The deed is always registered at the land registry office.
Cadastral tax (Imposta catastale). The payment of this tax is required when you sale, donate or in any case you transfer a property and/or establish a right or a charge on it. Consequently you have to update the cadastral registry, reason why you have to pay this tax.
If you are buying a first home from a private, you have the following fiscal benefit:
Registration tax: 2% instead of 9%. In any case, the amount of the registration tax cannot be lower than €1,000.
Transcription fees and cadastral taxes will be €50 each when you buy a first home.
When can or cannot you obtain fiscal benefits?